The evaluation of the stress concentration factor (SCF) at the notches of welds is of importance, especially for butt-welded joints that are widespread in the industry. Some empirical formulae can be found in the literature to estimate the SCF at the weld toes of butt-welded joints, while few solutions are available for the distorted joints under tensile fatigue test conditions. In the present study, the existing SCF formulae for butt-welded joints loaded in tension are examined and discussed. The influence of the weld width on SCF, which is commonly ignored or misestimated by existing solutions, is investigated comprehensively based on a large set of two-dimensional (2D) finite element analyses. Consequently, a new precise parametric formula for the elastic SCF at the weld toe of geometrically symmetric butt-welded joints under tension is proposed, together with a wide application range. Moreover, the analysis is also extended to consider joints with angular distortion. A two-step finite element analysis is employed to simulate the clamping and loading procedures in the fatigue test. Similarly, the parametric formulae for the assessment of clamping-induced stress and SCF caused by angular distortion are carried out as well based on the results from finite element analyses. The formulae proposed by this paper are finally tested and proved to be valid and precise.